05/19/2021 According to newly-released data from the Conference Board of Canada, the Banker’s 2019 ranking of international finance centres, Toronto is catching up fast. Toronto is the second-highest ranked financial centre in North America, while NYC remains the largest financial centre on the continent in terms of employment numbers.

Toronto’s finance and insurance sector was the fourth-largest sector in the city by employment in 2019. Employment growth has also outpaced that of all sectors in Toronto in 2010 to 2019 and in Ontario and Canada from 2011 to 2020 (see below Table).

In 2019, the finance and insurance sector was the largest contributor to total GDP in Toronto and the second-largest in Ontario. In 2020, it was the second-largest in Canada. GDP growth in the finance and insurance sector has outpaced the averages of all sectors in Toronto and Ontario from 2010 to 2019 and in Canada from 2011 to 2020 (see below Table) .

Toronto is among the top 10 financial centres in the world.:

1. London, 2 New York,3. Singapore, 4. Hong Kong, 5. Tokyo, 6. Amsterdam, 7. Paris, 8. Toronto, 9. Shanghai, 10. Frankfurt.

Canada’s largest five banks—RBC, TD, Scotiabank, BMO, and CIBC hold over $2.2 trillion in assets under management.

https://www.conferenceboard.ca/temp/d1ee8dac-a85f-4532-8e3c-5d4ab405b755/11141_torontos-global-financial-centre_2021.pdf